Eurozone economy grows at fastest pace in three months

The Paris Olympics have helped give the eurozone economy a short-term boost, new data has confirmed.

The latest survey of eurozone purchasing managers shows that the euro area economy grew at the fastest pace in three months in August.

This was mainly due to a strong performance by France, where private sector output rose at the quickest rate since May 2022.

But, new orders, employment and business confidence across the eurozone deteriorated last month, S&P Global’s PMI survey shows, in a sign that the recovery is not robust.

The HCOB Eurozone Composite PMI Output Index increased for the first time since May to a three-month high of 51.0 in August, from 50.2 in July. Any reading over 50 signals an expansion.